Tax & Currency Settings

To edit tax and currency settings click on Settings on the admin menu and click the Taxes & Currency link.

Tax Rates

To add a new tax rate simply enter the percentage value and click the [Add Tax Rate] button. To remove a tax rate simply select it and click the [Remove Selected Rates] button. You can select multiple tax rates by holding [CTRL] on your keyboard.   Note that products will retain their current tax rate even if it is removed here. So you may need to modify each product or batch update multiple products with a new tax rate.

Price Settings

Here you can change the currency for your product prices and orders etc. If you are selling products business to business then you might want to display your prices excluding tax. To do this check the  B2B check-box. If you are selling to general consumers it is usually better to leave this unchecked and display your prices with tax included.

CMS Help - Tax & Currency Settings